Tampa Ranks Among Top Markets To Flip Homes
Flipped homes account for about nine percent of sales in the 2015 third quarter for the Tampa real estate market. Compare this to the national average of five percent, and it’s clear that Tampa is a great place to be for flippers.
RealtyTrac’s Q3 Home Flipping Report shows that among 101 markets, with at least 75 single-family and condo flips in this year’s third quarter, Tampa ranked the fourth highest. Tampa’s 33610 zip code has been a particularly successful area for flips this quarter, with 25.2 percent of homes sales coming from home-flipping sales.
The report specified real estate markets that were best for home flip sales to millennials and baby boomers. While no local markets ranked on the millennials lists, the majority of the top 15 markets for selling flips to baby boomers were in Florida. Pasco, Sarasota, and Manatee counties ranked sixth, seventh, and tenth, respectively.
Perhaps the most notable information from the report, and the best news for Tampa-area residents in the business of flipping homes, is that Tampa ranks second among zip codes with at least 10 completed flips in the third quarter for highest average gross flipping return on investment. Ranking second to Baltimore, MD, Tampa’s 33603 zip code has an average gross flipping return on investment of 130.2 percent. RealtyTrac determines the average gross return on investment by dividing the average gross profit by the first sale, or purchase, price.
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